3-1 Value Creation in Buyer-Seller Relationships 3.

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Presentation transcript:

3-1 Value Creation in Buyer-Seller Relationships 3

3-2 VALUE CREATION IN BUYER-SELLER RELATIONSHIPS

3-3 Learning Objectives Understand the concept of perceived value and its importance in relationship selling Explain the relationship of the roles of selling and marketing within a firm Explain why customer loyalty is so critical to business success

VALUE CREATION IN BUYER-SELLER RELATIONSHIPS 3-4 Learning Objectives Recognize and discuss the value chain Identify and give examples for each category of communicating value in the sales message Understand how to manage customer expectations

VALUE CREATION IN BUYER-SELLER RELATIONSHIPS 3-5 Value is Related to Customer Benefits Utility – the want-satisfying power of a good or service Types of Utility Form Place Time Ownership

VALUE CREATION IN BUYER-SELLER RELATIONSHIPS 3-6 Increasing the Value to the Customer Raise benefits Reduce costs Raise benefits and reduce costs Raise benefits by more than the increase in costs Lower benefits by less than the reduction in costs

VALUE CREATION IN BUYER-SELLER RELATIONSHIPS 3-7 Lifetime Value of a Customer Lifetime value of a customer – present value of the stream of future profits expected over a customer’s lifetime of purchases Firing a customer – encouraging a customer to find alternative sources from which to purchase

VALUE CREATION IN BUYER-SELLER RELATIONSHIPS 3-8 Communicating Value in the Sales Message Product quality Channel deliverables (supply chain) Integrated marketing communications (IMC) Synergy between sales and marketing

VALUE CREATION IN BUYER-SELLER RELATIONSHIPS 3-9 Communicating Value in the Sales Message Execution of marketing mix programs Quality of the buyer-seller relationship (trust) Service quality Salesperson professionalism

VALUE CREATION IN BUYER-SELLER RELATIONSHIPS 3-10 Communicating Value in the Sales Message Brand equity Corporate image/reputation Application of technology Price

VALUE CREATION IN BUYER-SELLER RELATIONSHIPS 3-11 Product Quality Performance Features Reliability Conformance Durability Serviceability Aesthetics Perceived quality

VALUE CREATION IN BUYER-SELLER RELATIONSHIPS 3-12 Integrated Marketing Communications Solid IMC allows salespeople to solidify their client relationships by referring to a well-known, consistent corporate message Clients expect and deserve consistency in the way a firm’s value- added message is put forth

VALUE CREATION IN BUYER-SELLER RELATIONSHIPS 3-13 IMC – Communicating the Message Firm’s employees and other internal stakeholders Firm’s internal value chain Customers and other external stakeholders message

VALUE CREATION IN BUYER-SELLER RELATIONSHIPS 3-14 Synergy Between Sales and Marketing Seamless organizational processes focused on managing customer relationships strengthen the value proposition When sales and marketing are not synergistic, the customer is marginalized

VALUE CREATION IN BUYER-SELLER RELATIONSHIPS 3-15 Execution of Marketing Mix Programs Product Place - for distribution, or getting the product into the hands of the customer Price Promotion - marketing communications

VALUE CREATION IN BUYER-SELLER RELATIONSHIPS 3-16 Quality of the Buyer-Seller Relationship The quality of the buyer-seller relationship is measured by trust Trust - a belief by one party that the other party will fulfill its obligations Trust is essential to successful relationship selling Trust signifies that a salesperson has the customer’s long-term interests at heart